3rd August 2016
Venezuela is a chaotic environment in which to work, but MGI members are managing to cope with the situation and thrive.
Against a backdrop of high inflation, falling multinational investment and political violence, MGI Briner y Asociados and MGI P&P Asociados have overcome the difficulties facing businesses in Venezuela to create a situation that works for them.
Reduced value of the bolivar and loss of professional staff
Inflation has been one of the biggest challenges for companies in Venezuela to overcome in recent years and the accounting profession has not been overlooked in this. A firm invoicing for Bs.8,000,000 bolivars three years ago could expect to get around US$1 million in exchange. Now, the same number of bolivars will only fetch US$8,000, a massive destruction of wealth.
Add to this the fact that many professionals are leaving the country for opportunities elsewhere and it is difficult to recruit talent and maintain a stable workforce.
Amaya Briner, partner at MGI Briner y Asociados, said: “Our main objective, despite this hard and hostile situation, is to prevail.”
Development of three strategies
In Caracas, the capital of Venezuela, MGI P&P Asociados has taken a three-pronged approach to the issues:
Strengthening its consulting division
Creating alliances to compete with the big four.
Working with firms in other countries
Download the full MGI Member case study (PDF) HERE
Visit MGI Worldwide members profile page for MGI Briner y Asociados, HERE and MGI P&P Asociados HERE
Amaya Briner is the lead partner at MGI Briner y Asociados, an auditing, accounting, management consulting and tax advisory firm based in Maracaibo, Venezuela.
Ricardo Ruiz Betancourt is parter at MGI P&P Asociados, an auditing, accounting and tax advisory firm based in Caracas, Venezuela. Ricardo is also International Committee member representing MGI in the Latin America region.
MGI Briner y Asociados and MGI P&P Asociados are members of MGI Latin America, part of MGI Worldwide a Top 20 ranked international accounting network with some 5,000 independent auditors, accountants and tax experts in over 250 locations worldwide.